Highlights

FCPO Updates

Author: InvestorsDoctor   |   Latest post: Wed, 16 Jan 2019, 09:42 AM

 

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 10/1/2019 - Key data day, trade with cautious

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10/1/2019

 
*FCPO Mar 19*
 
Previous Close: 2182 +4
 
Please be noted that FCPo will change active month on next Tuesday (15/1), traders may choose to trade Apr 18 contract. FCPO hit more than 2 month high yesterday but failed to sustain above 2200 and ended with almost unchanged as market remain cautious ahead of MPOB data. Not much changes for related edible oils this morning, expect FCPO to move in range 1st. Watch out for MPOB Dec 18 data and Jan 1-10 production & export data.
 
Hourly chart showed FCPO failed to breakout from key resistance 2200 level which is also around 6.854 Fibo extension level. Technical indicators crossing down may limit upside of FCPO, required to close above 2200 to trigger more upside.
 
*Classic Support & Resistance* 
Resistance: 2200 2265
Support: 2144 2093
 
 *Recommend Trading Plan for the day:* 
1. Trade in range 2150-2200, wait for breakout.
2. Look for buy signal above 2202.
 
 *FCPO Margin Requirement* 
Overnight MYR 4500
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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